Personal income increased $112.3 billion (0.4 percent at a monthly rate) in July, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—increased $93.9 billion (0.4 percent) and personal consumption expenditures (PCE) increased $108.9 billion (0.5 percent).
Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $110.9 billion in July. Personal saving was $985.6 billion in July and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.4 percent.
The increase in current-dollar personal income in July primarily reflected an increase in compensation.
The $108.9 billion increase in current-dollar PCE reflected increases of $60.2 billion in spending on services and $48.7 billion in spending on goods.
From the preceding month, the PCE price index for July increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.3 percent.
From the same month one year ago, the PCE price index for July increased 2.6 percent. Excluding food and energy, the PCE price index increased 2.9 percent from one year ago.
| Personal Income and Related Measures |
||||
|---|---|---|---|---|
| Current-dollar personal income | 0.4 | |||
| Current-dollar disposable personal income | 0.4 | |||
| Real disposable personal income | 0.2 | |||
| Current-dollar personal consumption expenditures (PCE) | 0.5 | |||
| Real PCE | 0.3 | |||
| PCE price index | 0.2 | |||
| PCE price index, excluding food and energy | 0.3 | |||
Annual Update of the National Economic Accounts
BEA will begin releasing results from the 2025 annual update of the National Economic Accounts, which include the National Income and Product Accounts as well as the Industry Economic Accounts, on September 25, 2025. The update will present revised statistics for GDP, GDP by Industry, and gross domestic income. Updated monthly personal income and outlays will be released on September 26, along with the August 2025 estimate. For details, refer to Information on 2025 Annual Updates to the National, Industry, and State and Local Economic Accounts .
Next release: September 26, 2025, at 8:30 a.m. EDT
Personal Income and Outlays, August 2025
Technical Notes
Changes in Personal Income and Outlays for July
The July increase in personal income primarily reflected an increase in compensation. Wages and salaries as well as supplements increased, based on data from the Bureau of Labor Statistics (BLS) Current Employment Statistics (CES).
- Private wages and salaries increased $77.5 billion, reflecting increases of $77.4 billion in services producing industries and $0.2 billion in goods-producing industries. Government wages and salaries increased $5.1 billion.
- Supplements to wages and salaries increased $14.3 billion (mainly from employer contributions for employee pension and insurance funds).
Revisions to Personal Income
Estimates have been updated for April through June.1 Revisions to compensation reflect updated BLS CES data on employment, hours, and earnings. Within government social benefits, Medicaid benefits paid for April through June reflected revised information from the Centers for Medicare & Medicaid Services.
1Revised wage and salary data from the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages program for January through March will be incorporated with the annual update of the National Economic Accounts on September 25. Updated monthly estimates of personal income and outlays will be released on September 26, along with the estimate for August 2025.
